Greenwich Savings Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: December 26, 1907
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4a7eb0f9

Response Measures

None

Description

Article (Dec 26, 1907) reports Greenwich Savings Bank invoked the 60-day notice clause (partial suspension of immediate withdrawals) during the 1907 financial flurry; few depositors actually withdrew and many revoked notices. No run is described and the bank remained operational.

Events (1)

1. December 26, 1907 Suspension

Cause: Macro News
Cause Details: Invoked the sixty-day notice clause to fortify the bank amid the wider financial flurry/panic of late December 1907 (general confidence crisis).
Newspaper Excerpt: President James Quinlan, of the Greenwich Savings Bank, said that most of the depositors' notices, which aggregated close to $375,000 under the sixty-day notice, had been revoked, and that persons desiring their money were coming in slowly.
Source: newspapers

Newspaper Articles (1)

1. December 27, 1907 The Washington Herald Washington, DC

Article from The Washington Herald, December 27, 1907

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Article Text

SIXTY-DAY CLAUSE IGNORED Few Savings Bank Depositors Take Advantage of Their Privilege. Deposits Exceed Withdrawals in New York Institutions and Bankers Are Elated. New York, Dec. 26.-Much confidence was restored in savings bank circles today when but few persons appeared at the expiration of the sixty-day clause, which the banks had taken advantage of to fortify themselves. Bank officials tonight expressed themselves as being highly elated over the situation. A fact that made them more comfortable was that in nearly every case the deposits were more than the withdrawals by a good margin. Several others announced a large number of new accounts opened. A typical illustration of the situation to-day was at the Immigrant Industrial Bank, 114 depositors having served notice, which would have taken an aggregate of $115,000 to satisfy. The day was well along before anybody showed up for his money, and then they came few and far between. only nine applying. Ten thousand dollars was drawn by those who served nótice, and this was thought very gratifying. About the same amount was taken out at the Bank for Savings a little less than 7 per cent of what had been applied for. The Bowery Savings Bank's increase in deposits Tuesday was $30,000; to-day it was approximately $50,000. President James Quinlan, of the Greenwich Savings Bank, said that most of the depositors' notices, which aggregated close to $375,000 under the sixty-day notice, had been revoked, and that persons desiring their money were coming in slowly. It was pointed out by a bank official to-day that the withdrawals, in view of Christmas shopping times, were insignificant. It is expected after the first of the year that there may be withdrawals, because there are always persons who need money for investments, but this, it is predicted, will amount to less than 5 per cent. It was predicted by experienced bankers that not many persons, after thinking it over and watching the turn of the financial flurry, would want to take their money out of the savings banks when the time came. This was justified by reports from the various banks to-day.